Crude oil prices jump over 1% as geopolitical tensions flare
Crude oil prices in the global market rose by more than 1% at the start of Asian trading. Fluctuations in global oil prices continue as traders react to shifting geopolitical signals.
According to Reuters, the price of Brent crude rose by over 1% to reach $105.64 per barrel. The price of US West Texas Intermediate (WTI) crude increased by more than 0.5% to $93.11 per barrel.
The rise in crude oil prices followed US President Donald Trump’s rejection of a proposal to end the war with Iran and reopen the Strait of Hormuz. The decision added fresh uncertainty to already volatile energy markets.
| Benchmark | Price (USD/barrel) | Change |
|---|---|---|
| Brent Crude | $105.64 | ▲ +1.0% |
| WTI Crude | $93.11 | ▲ +0.5% |
Why it matters: The Strait of Hormuz is a critical chokepoint for global oil shipments. Any disruption or reopening news directly affects supply expectations and price benchmarks. Trump’s rejection of the proposal signals continued tensions, keeping markets on edge.
Traders are now watching for further diplomatic developments and any signs of supply adjustments from major producers. The fluctuation trend is expected to persist in the near term.
